CAclubindia News

FEMA Amendment 2025: Bonus Shares Permitted for Foreign Investors in Restricted Sectors

12 June 2025 at 09:05

The Ministry of Finance has notified an amendment to the Foreign Exchange Management (Non-debt Instruments) Rules, 2019, allowing Indian companies operating in sectors where Foreign Direct Investment (FDI) is prohibited to issue bonus shares

Posted in Others | 720 Views

Income Tax Department Releases Common Offline Utilities for ITR-1 and ITR-4 for AY 2025-26

12 June 2025 at 09:03

The Income Tax Department has released the Common Offline Utility (COU) for filing Income Tax Returns (ITR-1 and ITR-4) for the Assessment Year 2025-26

Posted in Income Tax | 291 Views

Sikkim-Based Units Under CGST Scanner for Rs 1,032 Crore GST Refund Irregularities

11 June 2025 at 09:24

Several manufacturing units in Sikkim have come under the scanner of the CGST department for allegedly misusing the Scheme of Budgetary Support, 2017

Posted in GST | 828 Views

Centre Mulls Tax Relief for Banks on NPA Interest Income

11 June 2025 at 09:20

The Indian government is currently reviewing a proposal to amend the Income Tax Act to align the definition of NPAs with that of the RBI - a move that could significantly ease tax burdens for banks and financial institutions.

Posted in Income Tax | 255 Views

Income Tax Department Cracks Down on Dubious Political Donation Claims Under Section 80GGC

11 June 2025 at 09:18

The Income Tax Department, in a bid to curb misuse of tax deductions on political donations, has intensified scrutiny of claims made under Section 80GGC of the Income Tax Act

Posted in Income Tax | 2727 Views

CBIC Clarifies HSN Code Rule: Mandatory for B2B, Optional for B2C Below Rs 5 Crore Turnover

11 June 2025 at 09:14

The Central Board of Indirect Taxes and Customs (CBIC) has issued a crucial clarification via its official X handle regarding the applicability of HSN codes in Table 12 of GSTR-1.

Posted in GST | 12891 Views

ICAI Releases Schedule for CA Intermediate Mock Test Papers Series I & II for September 2025 Exams

11 June 2025 at 09:10

ICAI, through its Board of Studies (Academic), has officially announced the commencement of Mock Test Papers (MTP) Series - I and II for students appearing in the CA Intermediate September 2025 Examinations.

Posted in Students | 1587 Views

GST Portal Resolves Validation Issue for QRMP Taxpayers Filing Refund Applications

10 June 2025 at 15:46

In a significant update for taxpayers under the Quarterly Return Monthly Payment (QRMP) scheme, the GSTN has resolved a system-level validation issue that previously hindered refund application filings on the GST Portal.

Posted in GST | 1632 Views

GSTN Clarifies Only B2B Section of Table-12 in GSTR-1 Is Validated

10 June 2025 at 09:25

GSTN has clarified that, under the currently implemented system design, validation of values in Table-12 of GSTR-1 which relates to HSN-wise summary of outward supplies, is mandatory only for B2B transactions.

Posted in GST | 1 comments | 10491 Views

CBDT Allows Processing of Pending ITRs for AY 2023-24 Till 30th November 2025

10 June 2025 at 09:22

CBDT has issued a directive under Section 119(2)(a) of the Income-tax Act, 1961, allowing the processing of valid electronically filed ITRs for AY 2023-24, even where the original time limit to issue intimation under Section 143(1) has already expired.

Posted in Income Tax | 4341 Views